Tax Reform to Help 75,000 First Home Buyers

Anthony Albanese confirmed the budget will include property tax reform.

In short:

Tax reforms will help 75,000 Australians buy their first home.

The changes to capital gains tax discounts and negative gearing have been criticized.

What's next?

The federal budget will focus on five packages, including housing and tax reform.

Labor is making a case for significant tax reform to open the housing market to younger buyers.

Prime Minister Anthony Albanese has paved the way for changes to negative gearing and capital gains tax.

This is about doing the right thing to help young Australians buy a home.

Federal budget live updates are available.

Negative gearing and capital gains tax reforms will help 75,000 people buy their first home.

The changes aim to make negative gearing less attractive.

We would see 75,000 additional owner occupiers be able to buy their own home.

The move has opened the door to Coalition calls of broken promises.

Governments have to make decisions and explain them.

People will have their view about that.

Australians elect governments to govern and make decisions in the national interest.

Promise 'completely broken'

Mr Albanese ruled out changing capital gains tax or negative gearing settings last year.

Mr Albanese said 'yes, how hard is it' when asked about ruling out tax changes.

Shadow Treasurer Tim Wilson accused the government of betraying the Australian people.

The promises made to the Australian people have been broken.

Mr Wilson said it would be hard to support tax increases.

Mr Albanese defended the backflip, saying circumstances justified it.

Another year has passed since the election, and not enough has changed.

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The difficult decision, but the right decision, is to do the right thing.

Any responsible government has to take these issues seriously.

Mr Chalmers will reveal how the changes will be made and over what period.

Boosting housing supply

The average age of a first home buyer has jumped from 27 to 35 years.

House prices have increased by more than 400 per cent since 1999.

Jim Chalmers has promised his fifth budget will focus on resilience and reform.

The government has made no secret of its push to increase housing affordability.

It is rolling out its National Housing Accord, supporting 1.2 million homes.

Mr Chalmers has promised to increase housing supply in tonight's budget.

Housing and the cost of living will make up one of the five major packages.

There will be packages designed to target fuel security, productivity, and savings.

Tonight, we're changing Australia's tax system to level the playing field.

The 30-second video has been aimed directly at people trying to get a foothold in the property market.

Buying your first home shouldn't feel impossible.

Too many young people feel locked out of the housing market.

The new housing measures will build on the existing 5 per cent deposit scheme.

We're building 100,000 homes reserved just for young people.

When you work hard and save, you should have a fair go at owning your own home.

You should have a fair go at owning your own home.

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